Multilateralism is the process in which several independent countries partner together to seek solutions to the challenges they are commonly experiencing. This collaborative method plays a critical role in fostering good ties between partner countries and enhancing global stability. It majorly involves formulating policies and practices that address the various issues people face in these countries. The collaborating countries’ leadership is extensively involved in all policy development and decision-making stages to ensure that every state receives maximum benefits from these processes; they embrace inclusion, consultation, and solidarity. The main purpose of multilateralism is to help in providing solutions for global economic and social challenges. It has been instrumental in maintaining peace and promoting international financial stability.
Bodies like the UN and NATO strive to maintain peace and stability worldwide as products of multilateralism. Despite their different implementation philosophies, they both serve the same purpose of preserving calmness; if need be, NATO is designed to engage in war to restore peace, while the UN is designed to maintain stability by avoiding fights (Giegerich & von Hlatky, 2019). These organizations have played an important role in restoring and maintaining tranquillity in countries through peacekeeping missions and issuing sanctions to countries unwilling to cease fighting.
On the other hand, some developed countries have collaborated to form a formidable force to promote and uphold global financial stability. They have formed multilateral organizations such as IMF and World Bank. These organizations have been instrumental in formulating monetary policies to enhance economic growth and offering financial assistance to developing countries (Güven, 2017). The organizations provide critical financial information to boost economic growth and prevent governments from plunging into financial crises or recession.
References
Giegerich, B., & von Hlatky, S. (2019). Experiences may Vary: NATO and Cultural Interoperability in Afghanistan. Armed Forces & Society, 46(3), 495–516.
Güven, A. B. (2017). Defending Supremacy: How the IMF and the World Bank Navigate the Challenge of Rising powers. International Affairs, 93(5), 1149–1166.